April sees biggest jump in consumer price index since 2008

News

DENVER (KDVR) — It isn’t just homes and gas that are getting more expensive.

The U.S. Bureau of Labor Statistics released its monthly Consumer Price Index report on Wednesday morning. The report details the 12-month difference in consumer prices for energy, food, vehicles and other commodities.

This April experienced the highest 12-month jump overall since the Great Recession, feeding mounting fears of inflation.

“Over the last 12 months, the all items index increased 4.2 percent before seasonal adjustment,” the report reads. “This is the largest 12-month increase since a 4.9-percent increase for the period ending September 2008.”

This all-around price increase is not the fault of one item. Certain items saw a larger 12-month increase than others, but prices went up in almost every category.

Energy and gasoline prices led the year-over-year change. Gasoline prices are up 49.6% over last April, and energy prices up 25.1%.

Food prices rose 2.4% in April over last April. Prices of food away from home, like restaurant meals, increased 3.8% over last April, while food in home increased 1.2%.

Some year-over-year comparisons have risen steadily month to month since last October.

All items increased 0.1% from September-October 2020. Prices continued to climb faster in 2021. By April, the all items index had risen 0.8% from the previous month.

Energy prices followed the same pattern, rising 0.6% from September 2020 to October 2020, then from climbing monthly to a 5% increase from February to March 2021.

Used cars and trucks rose in price the highest of major categories.

The pandemic put a strain on the number of new vehicles manufacturers produced, and supply hasn’t yet reached pre-pandemic levels. Demand for used cars and trucks rose as a result as consumers turned to the cheaper alternative. It now costs 10% more for a used car or truck in April than it did in March.

Thankfully for Coloradans, the Denver metro area’s price index for all items has not risen overall as fast as the nation’s.

Between July 2019 and July 2020, the Denver metro’s price index rose faster than the U.S. Since the then, however, the Denver metro has seen price indexes below the national levels every month.

The BLS only measures the Denver-Aurora-Lakewood price index every other month.

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Most Read

Top Stories

More Home Page Top Stories